http://www.legislation.gov.uk/ukpga/1979/34/section/11FCredit Unions Act 1979An Act to enable certain societies in Great Britain to be registered under the Industrial and Provident Societies Act 1965 as credit unions; to make further provision with respect to societies so registered; to make provision with respect to the taxation of societies so registered and of Northern Ireland credit unions; to enable reciprocal arrangements to be made in relation to Northern Ireland credit unions; to facilitate the amendment of the Industrial and Provident Societies Act (Northern Ireland) 1969; and for connected purposes.1979-06-30texttext/xmlenStatute Law Database2024-05-20Expert Participation2023-08-29 Operation of credit union<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">Agreements to be treated as secured</Addition>11F1This section applies where—aa credit union enters into an agreement mentioned in section 11E(1) with a member of the credit union, andbat the time the agreement is entered into, the member’s paid-up shareholding in the credit union is equal to or greater than the member’s total liability (including contingent liability) to the credit union.2On the application of the member to the credit union, the agreement is to be treated for the purposes of this Act as a secured agreement.Ss. 11E, 11F inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 14 para. 8; S.I. 2023/779, reg. 4(eee)
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<dc:title>Credit Unions Act 1979</dc:title>
<dc:description>An Act to enable certain societies in Great Britain to be registered under the Industrial and Provident Societies Act 1965 as credit unions; to make further provision with respect to societies so registered; to make provision with respect to the taxation of societies so registered and of Northern Ireland credit unions; to enable reciprocal arrangements to be made in relation to Northern Ireland credit unions; to facilitate the amendment of the Industrial and Provident Societies Act (Northern Ireland) 1969; and for connected purposes.</dc:description>
<dc:date>1979-06-30</dc:date>
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<Title> Operation of credit union</Title>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">Agreements to be treated as secured</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">a credit union enters into an agreement mentioned in section </Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef"> with a member of the credit union, and</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">at the time the agreement is entered into, the member’s paid-up shareholding in the credit union is equal to or greater than the member’s total liability (including contingent liability) to the credit union.</Addition>
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<CitationSubRef id="c5fdgu1w5-00018" SectionRef="section-11E" URI="http://www.legislation.gov.uk/id/ukpga/1979/34/section/11E">Ss. 11E</CitationSubRef>
,
<CitationSubRef id="c5fdgu1w5-00019" SectionRef="section-11F" URI="http://www.legislation.gov.uk/id/ukpga/1979/34/section/11F">11F</CitationSubRef>
inserted (29.8.2023) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2023/29" id="c5fdgu1w5-00020" Class="UnitedKingdomPublicGeneralAct" Year="2023" Number="29" Title="Financial Services and Markets Act 2023">Financial Services and Markets Act 2023 (c. 29)</Citation>
,
<CitationSubRef CitationRef="c5fdgu1w5-00020" id="c5fdgu1w5-00021" SectionRef="section-86-3" URI="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</CitationSubRef>
,
<CitationSubRef CitationRef="c5fdgu1w5-00020" id="c5fdgu1w5-00022" SectionRef="schedule-14-paragraph-8" URI="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/14/paragraph/8" Operative="true">Sch. 14 para. 8</CitationSubRef>
;
<Citation URI="http://www.legislation.gov.uk/id/uksi/2023/779" id="c5fdgu1w5-00023" Class="UnitedKingdomStatutoryInstrument" Year="2023" Number="779" Title="The Financial Services and Markets Act 2023 (Commencement No. 1) Regulations 2023">S.I. 2023/779</Citation>
,
<CitationSubRef CitationRef="c5fdgu1w5-00023" id="c5fdgu1w5-00024" SectionRef="regulation-4-eee" URI="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/eee">reg. 4(eee)</CitationSubRef>
</Text>
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